Hi there! This is my first time hosting WYFP, so be kind, be very, very kind.
Ever since I volunteered for WYFP duty, I've been flailing around for some topic which might lend itself to my meager writing skills. Alas, no luck until I arrived home from Obama headquarters Thursday night to read the fed had seized WaMu and forced a sale of assets to JPMorgan Chase.
As recently as one month ago I was an employee of WaMu. Until, that is they decided to close the mortgage loan fulfillment center where I and several hundred other folks worked.
More below the fold:
WYFP is our community's Saturday evening gathering to talk about our problems, empathize with one another, and share advice, pootie pictures, favorite adult beverages, and anything else that we think might help. Everyone and all sorts of troubles are welcome. May we find peace and healing here.
Won't you please share the joy of WYFP by recommending?
As I sit here sweating the arrival of a promised severance check and think about how without that check my goose is cooked, and yet the CEO and other greedy corporate hacks that got us into this mess get to walk away with megamillions and eat their pate de fois gras too! That is my my 'f' n problem.
Kerry Killinger was WaMu's CEO from 1990 until Sept 11, 08, this is what he gets walk away with:
Killinger's Eight Figure Severance Package
In a filing with the Securities and Exchange Commission today, Washington Mutual said that Killinger's departure "constitutes a termination other than for 'cause'."
That makes him eligible for a severance package worth more than $22 million, according to the company's most recent annual report.
Alan Fishman became the new CEO of Wamu on Sept 11, here is VanBCGunner's excellent diary Wamu CEO - 3 weeks work, 18M
NEW YORK (CNNMoney.com) - Washington Mutual Chief Executive Alan Fishman could walk away with more than $18 million in salary, bonuses and severance after less than three weeks on the job, according to the terms of his employment agreement. -
And the coup de grace:
Bloomberg
Sept. 26 (Bloomberg) -- Wall Street's five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system.
There's really nothing more to add except that Kerry Killinger and I are both 58 years old, but he doesn't have to worry about going without healthcare because he can't afford the $400 monthly COBRA premiums, and I doubt very much that he's worrying about having to sell his very small home because he can no longer afford the mortgage payments.
Floors open, WYFP?
PS: While I was putting the finishing touches on this diary, SusanG just posted this on the front page: Wamu CEO Could BAg 13 Mil.....
I guess I chose a timely topic:-)